Construction work has begun on a megacity in Egypt that will be twice the size of Barcelona, home to two million people and covering 170 square kilometers (65 square miles).
The Ras El-Hekma Mediterranean development, 350 kilometers (217 miles) northwest of Cairo, will contain residential districts, international hotels, resorts, golf courses and entertainment venues, as well as hospitals, schools, universities, a port sports car and a high-speed train. connectivity.
It is “envisioned as a fully functional, smart, sustainable and inclusive urban community situated against the picturesque coastline.”
By 2045, the city is expected to contribute $25bn (£19bn) a year to Egypt’s economy and is expected to create 750,000 jobs.
When the proposed new airport is created, it will be a four-hour flight for more than 400 million tourists.
Construction work has begun on Ras El-Hekma (above), a megacity in Egypt that will double the size of Barcelona
The project is backed by Abu Dhabi-based sovereign wealth fund ADQ, which on Friday named UAE developer Modon as the lead developer of the vast metropolis in a ceremony attended by the UAE president. United, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the Egyptian President, His Excellency Abdel. Fattah El-Sisi.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said: ‘Ras El Hekma is destined to become a regional crown jewel in a country already famous for its rich and diverse attractions.
‘Modon Holding is proud to bring this visionary 170 million square meter megaproject to life, leveraging our expertise and innovative approach.
In the presence of the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based holding company and investor, appointed Modon Holding PSC as development director of the Ras El Hekma megaproject
“With our partners, we are prepared to transform Ras El Hekma into a dynamic economic powerhouse and a global model of urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ Group, said: ‘As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulating tourism.
“Modon Holding brings deep expertise in master planning and will pioneer innovative, next-generation solutions, creating a destination that will deliver long-term value for Egypt and its people.”
A memorandum of understanding was signed with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
